Research Nester assesses the growth and market size of the global risk analytics market which is anticipated to be on account of the rising cases of cyber-attacks and data thefts followed by higher adoption of machine learning.
New York – April 4, 2023- Research Nester’s recent market research analysis on “Risk Analytics Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global risk analytics market in terms of market segmentation by risk type, component, deployment, end user, and by region.
Rising Cost and Instances of the Data Thefts to Promote Global Market Share of Risk Analytics
The global risk analytics market is estimated to grow majorly on account of the increasing risk of data thefts and cybercrimes. Data thefts are growing with digitization and automation, moreover, it cost a hefty amount to businesses. In the case of forgery, as is sometimes the case in ransomware operations, the breach can become more expensive. It is due to the ransom paid to the cyber thieves by the firm for recovering from the breach. The most exposed data records, approximately 125 million data pieces, were discovered in the fourth quarter of 2020. Furthermore, data breaches exposed around 15 million data records globally in the third quarter of 2022. When compared to the previous quarter, this figure had increased by almost 37%. Data is used by risk analytics to seek control holes and abnormalities that could be indicators of fraud, minimizing the likelihood of data theft in high-risk areas. In addition to this, a ransomware breach typically costs roughly USD 5 million, which is slightly higher than the USD 4 million average costs of a data breach.
Besides this, the rising adoption of automated technologies is likely to boost the market growth. With the integration of digitization and automation, the risk of data thefts has significantly increased. More than one-third of corporations in the world have five or more automated divisions. Furthermore, 45% of corporate teams are involved in the automation process. Humans are predicted to account for 58% of all work by the end of 2022, with machines managing the remaining around 42%.
Some of the major growth factors and challenges that are associated with the growth of the global risk analytics market are:
- Surge in Automation Adoption Across the Country
- Rising Instances of Data Theft
Risk is quantified using probability and it is tough to adhere to the various regulatory policies. Regulatory compliances varies from region to region across the world, therefore it is difficult for organization to adhere to the changing regulations. These are some of the major factors anticipated to hamper the global market size of risk analytics. Data extraction errors from data silos. Inconsistencies in data that may overlap across silos typically reduce data quality. Data silos obstruct information exchange and collaboration across divisions. Furthermore, siloed data is typically stored in a separate system and is incompatible with other data sets. As a result, when data is separated into silos, it is impossible for a corporation to acquire a comprehensive knowledge of its data.
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By end user, the global risk analytics market is segmented into BFSI, manufacturing, retail & consumer goods, IT & telecom, transport & logistics, health & life sciences, government & defense, energy & utilities, and others. The BFSI segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increasing volume of compromised data can be ascribed to the segment's expansion. Global finance networks are exceedingly complex, with many moving parts. They link several banks, including regional, state, and worldwide banks. These interconnected systems are made up of networks with cloud and local servers, dedicated terminals at banks and retail locations, consumer and mobile devices, software, ATMs, and other components. Data breaches, cyber insecurity, and other dangers are more likely in these distributed networks. Financial breaches accounted for around 153 million exposed records between January 2018 and June 2022. Furthermore, 2021 was the most severe year for financial data breaches, with a 12% increase over 2020 in the United States, increasing from 233 to 260 breaches.
By region, the North American risk analytics market is to generate the highest revenue by the end of 2035. The market's expansion can be attributed mostly to the increasing number of data breaches in healthcare systems. OCR handled 656 complaints of violations affecting 500 or more persons, a 61% increase over the number of reports received in 2019 in the United States. The alleged breach affected a total of 37,641,403 persons. On the other hand, rising cyber-attacks are expected to drive regional market growth. For example, in 2021, about 30,000 US firms were targeted by a massive cyberattack on Microsoft Exchange email servers, one of the world's largest email servers, in one of the largest cyberattacks in US history.
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This report also provides the existing competitive scenario of some of the key players of the global risk analytics market which includes company profiling of Accenture PLC, Capgemini Services SAS, Fidelity National Information Services GmbH, IBM Corporation, Moody's Analytics Inc., Oracle Corporation, OneSpan Inc., Provenir, Inc., Risk Edge Solutions, and CoreLogic, Inc.
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